Articles

Ever found yourself facing a CRA audit or disputing your income tax notice of assessment? Were you worried about being “blacklisted” if you spoke up or filed a complaint? Well, this recent announcement by the Canada Revenue Agency may just give you some additional peace of mind.  The government has added a new right to … Read more

As of July 1, the Canadian federal government will allow for the voluntary deferral of the Old Age Security (OAS) pension for up to five years. The pension will be adjusted based on an actuarially neutral basis which means that, on average, you will receive the same lifetime OAS pension whether you choose to take it … Read more

As our friends and family in Alberta continue down the long road to recovery from the floods, we thought it a good time to share some thoughts on business continuity and disaster preparedness. Ensure your small business is prepared to handle a disaster. This article is a refresh on a piece that I wrote for … Read more

Our sincere sympathy goes out to the victims of flooding across Calgary and area. We’re all very saddened by the loss of life and enormous damage caused by the recent floods.  With our head office in Calgary the flood has also affected many of our staff. FBC Members are encouraged to contact us so we can … Read more

You have your business up and running, perhaps as a sole proprietorship or a partnership and are now seeing some growth and profit. You may be wondering if you should now incorporate your business. Advantages and Disadvantages of Various Business Structures The following is a list of possible advantages and disadvantages of the most common … Read more

More and more businesses are facing a CRA audit these days. Canada Revenue Agency (CRA) has especially ramped up audits of small- to medium-sized enterprises. Knowing how CRA selects taxpayers for audit, as well as what to expect during an audit, could make you better prepared if you’re singled out. Audits are nothing to fear if … Read more

Making Life Less Taxing for 60 Years and Counting It all started 60 years ago. It was the early 1950s and for the first time in Canadian history farmers were subject to income tax. Luckily for farmers a man named Sam Ibbotson had created a solution for farmers in need of tax advice and tax … Read more

Tax returns that contain errors or omissions, accidental or intentional, are not uncommon. If you catch such an error on your tax return, it might be tempting to ignore it, especially if it’s in your favour. Don’t! Simply hoping that the Canada Revenue Agency (CRA) doesn’t find out is not a recommended course of action. … Read more

As the controversy surrounding certain senators’ expenses swirls in Ottawa, what better to time than now to post a reminder of the rules regarding claiming travel expenses as a tax deduction. For those operating sole proprietorships or partnerships, you can deduct travel expenses you incur to earn business income. Travel expenses include: Public transportation fares … Read more

Apple is renowned worldwide for its creativity. Think iPad. Think iPhone. Think iMac. The list goes on. In fact, Think Different was the company ad slogan in the 90s. Today, however, a different sort of creativity has put Apple in the headlines. Let’s call it creative tax accounting. At the crux of the controversy is … Read more